As reported on biztimes.com written by Molly Dill
A company affiliated with Milwaukee-based Sellars Absorbent Materials Inc. is raising $2.2 million in debt, options and securities, according to a new SEC filing.
The filing indicates Sellars Mezz Debt Investors LLC has so far raised $800,000 from two investors. The round began July 19.
Tom Sellars, chairman and chief executive officer of Sellars Absorbent, said the company has expanded its financing with its banks, and the $2.2 million is part of that financing, to be used for growth capital for expansion. The debt markets are attractive right now, he said.
“It’s general corporate purposes for growth,” Sellars said.
He declined to disclose specific growth plans for competitive reasons, but said it is unrelated to the company’s upcoming move.
The address provided on the filing is 6565 N. 60th St., which is the former Lowe’s store building in the Midtown Center on Milwaukee’s northwest side to which Sellars is moving its operations. Phoenix Investors owns the building and plans to lease it to Sellars, the company announced last month.
Tom Sellars said today the company plans to begin moving in to the facility later this month.
The 134,000-square-foot building at 5800 W. Hope Ave. has been vacant since the Lowe’s store closed in 2009. Phoenix bought the property in 2016 for $1.5 million. Phoenix planned to make structural and cosmetic upgrades to the building and landscaping to prepare it for Sellars’ distribution operations.
Sellars manufacturers shop towels, wet wipes, disposable wipers and sorbents made with recycled fibers.